Onto Holdings Limited - Administration

Onto Holdings Limited, a Warwick-based car subscription service provider, and certain of its subsidiaries entered administration on 11 September 2023. The companies cited the decline in the value of electric vehicles in recent months, as well as rising interest rates, the squeeze on disposable income and their inability to secure additional financing from their shareholders as the primary drivers behind their administrations. Jonathan Lees and Gavin Maher of Teneo were appointed joint administrators of Onto Holdings, while Gavin Maher and Ian Wormleighton of Teneo were appointed joint administrators of certain subsidiaries. Alter Domus Trustees (UK) Limited, Hsbc Equipment Finance (UK) Limited (as Security Agent), Intertrust Trustees Limited, Greensill Capital (UK) Limited and Lombard North Central Public Limited Company have registered charges against the company.